全球智库信息集成服务系统(G2TT): Raising the Stakes

G2TT

来源类型	Working Paper
规范类型	论文
	Raising the Stakes
	Clifford Polycarp; Shally Venugopal; Tom Nagle; Andrew Catania
发表日期	2013-12
出版年	2013
语种	英语
概述	Executive Summary Over the past decade and especially in the past five years, industrialized governments and development finance institutions have launched a multitude of dedicated climate change funds and initiatives intended to mobilize private sector investment in mitigation and adaptation projects in developing countries. This paper examines this increasingly used model to channel climate finance, hereafter referred to as public and public–private climate funds and initiatives (PPCFIs). The current version of this working paper surveys 27 PPCFIs, representing approximately US$41.3 billion in aspired or current capitalization. It focuses on PPCFI objectives, scope, disbursement approaches, decision-making structures, and use of financial instruments Drawing from this initial survey of PPCFIs and from two workshops—co-hosted by the World Resources Institute (WRI) with KfW Development Bank in 2011, and with the Climate Markets and Investment Association (CMIA) in 2013—the paper also discusses PPCFI experiences in mobilizing private investment. This paper comes at an important time as donors—industrialized nations—consider how to effectively mobilize finance for climate-relevant activities in developing countries through existing bilateral and multilateral financial institutions and new channels like the Green Climate Fund. Climate change investment needs are rapidly growing in developing countries. The World Economic Forum estimates that US$5.7 trillion annual investment in green infrastructure (US$0.7 trillion of which must be new and additional) will be required by 2020 to limit greenhouse gas emissions to manageable levels. Much of this investment will be required in developing countries, and the private sector will undoubtedly play a central role in achieving these targets.
结论	1) PPCFI decision-making structures and instrument offerings are strongly related to their disbursement approach, including whether a PPCFI is making direct or indirect investments into private sector projects or providing technical assistance. These approaches are not mutually exclusive, but each has a set of advantages and disadvantages related to who is making project approval decisions: the PPCFI itself, the PPCFI and its promoting or implementing institution, or the PPCFI and an intermediary. 2) The limited level of co-investment in PPCFIs at the fund or initiative level may be driven by the following interrelated trends: Limited deal pipeline of attractive private sector projects (that is, projects with high enough returns relative to risks over an investment horizon), which can impede a PPCFIs ability to achieve returns in line with private sector expectations as a co-investor; Inadequate scale that creates high processing costs for the private sector relative to its potential capital contributions; Political and legal mandates or institutional culture that can constrain innovation as well as flexibility to respond to private sector requirements; and Limited track record of PPCFIs. As most have launched in the past two to five years, many have yet to disburse funds or demonstrate a track record of returns that would entice private sector co-investment. The trends outlined above can also impede private sector co-investment at the project level. Other challenges at the project or disbursement level include: Limited private sector awareness of what PPCFIs exist, how to access PPCFIs, and PPCFI co-investment timelines and processes. Flexibility, innovation, and efficiency in financing projects are determined by the level and type of financial inputs into PPCFIs. A biased (i.e., oriented towards more mature markets) and limited global pipeline of investable projects can create finance supply and demand mismatches.
摘要	WRI’s “Climate Finance” series—which includes a subseries on public financial instruments—tackles a broad range of issues relevant to public contributors, intermediaries, and recipients of climate finance—that is, financial flows to developing countries to mitigate greenhouse gas emissions and adapt to climate change impacts. Raising the Stakes surveys 27 dedicated public and public-private climate change funds and initiatives that aim to mobilize private investment (PPCFIs), totaling representing approximately US$41.3 billion in aspired or current capitalization. Most PPCFIs are in their early stages and it is still difficult to measure their effectiveness. However, understanding their working methods and learning from their early experiences could hold the key to helping donor countries meet ever-increasing climate investment needs in developing countries. This working paper provides preliminary findings on the nature and efficacy of existing PPCFIs and offers recommendations on how they can collectively overcome challenges to mobilizing private investment.
主题	Finance
标签	climate finance ; Green Climate Fund ; investment
URL	https://www.wri.org/publication/raising-the-stakes
来源智库	World Resources Institute (United States)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/27867
推荐引用方式 GB/T 7714	Clifford Polycarp,Shally Venugopal,Tom Nagle,et al. Raising the Stakes. 2013.